Despite slowing recent gains, Bitcoin has maintained its bullish momentum during the current financial crisis that has enveloped the banking sector, and the vast majority of its holders are profiting.
Currently, 72% of Bitcoin holders are profiting at the current price, 26% are losing money, and 3% are in the black.
Bitcoin holders in/out/at the money at the current price | Source: IntoTheBlock
Among all observed holders of the flagship DeFi asset, 69% are deemed long-term holders, having owned Bitcoin for more than one year, compared to 23% who have held it for one to 12 months and 8% who have held it for less than one month.
Bitcoin holders composition based on time held | Source: IntoTheBlock
Meanwhile, Bitcoin’s success amid the financial crisis has been significant, with the first cryptocurrency crossing the critical threshold of $28,000, trading at $28,510 at press time, representing a 0.54% down in the last 24 hours, 15% over the week, and 17% over the month.
BTC/USD 4-hour chart | Source: TradingView
According to Bloomberg’s senior commodity analyst Mike McGlone, Bitcoin has outpaced commodities, particularly gold, regarded “the top-performing old-guard commodity,” nearly 10-fold in 2023, signaling that it has begun its “super cycle.”
Furthermore, Bitcoin’s market value increased by over $200 billion in 2023, while the five largest banks in the United States suffered a combined loss of $108.92 billion. The crypto ‘Fear & Greed’ index reached a 16-month high, signaling strong buying mood.
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